When can I afford to retire? How long will my money last?

When can I afford to retire? How long will my money last?

When consulting with my clients, many of them say they would like to reduce their working hours and pursue their personal interests sooner rather than later.

Because they don’t want to rely solely on their full-time employment income.

Therefore they must generate enough passive income from their investment portfolio to replace their employment income.

Generally speaking, retirement can last for 30 years or more, depending on when you retire and how long you live.

More often than not, people also underestimate how long they’re likely to live and therefore simultaneously underestimate how long their money will last.

So I thought I’d break down some of the facts.

There is a 50% chance that a member of a couple aged 60 will live past the age of 90.

And the current life expectancy for men is roughly around 84 years old, and for women, it’s 87 years old.

At the end of the day, the longer your retirement, the longer your retirement income needs to last.

If you have already secure income for the duration of your retirement, then this is not an issue.

If not, you need to make sure your money doesn’t run out before you do.

#investing #money #personalfinance #executivesandmanagement

Mike Sikar

Founder & Principal Advisor

I’ve been a leader and innovator of the financial services industry for almost two decades, as a stockbroker from 1997 – 2007 and as a financial advisor from 2008.

Managing money comes down to basic psychology-understand how it works, know what you want it for and consistently apply the key principles to get the most out of it.

BOOK A CALL

QUOTE OF THE MONTH

“The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.”

~Benjamin Graham

You may also like

Downsizer Contribution: Make the most of out of your retiement

Downsizer contributions can be a powerful tool in your retirement strategy, allowing you to make the most of the equity built up in your home. By understanding the eligibility criteria, benefits, and potential pitfalls, you can leverage this strategy to boost your super and enhance your financial security during retirement.

Read More
A magnifying glass hovering over a city skyline

The Ultimate Guide to Finding a Wealth Manager

Discover the keys to finding the perfect wealth manager with our comprehensive guide. As your personal CFO, we’re committed to providing you with the tools, strategies, and expert guidance needed to create an income for life.

Read More

Superannuation Advice: Everything you need to know to retire early

Superannuation is a crucial aspect of financial planning, especially when it comes to retirement.This article aims to provide a comprehensive guide to understanding different types of superannuation funds, key factors to consider, and strategies for maximising your superannuation.

Read More
A piggy bank integrated with various financial symbols like dollar signs

The Ultimate Guide to Self Managed Super Funds

Explore the ultimate guide to self-managed super funds (SMSFs) in this comprehensive article, covering understanding, setup, management, benefits, risks, and challenges. Whether you’re a seasoned investor or new to SMSFs, discover everything you need to know about taking control of your retirement savings.

Read More

Unlocking the Power of Family Trusts | 3 Compelling Reasons to Own One

Chances are most of the recent media coverage you’ve seen surrounding family trusts relates to the legal spat between mining mogul Gina Reinhardt and her three adult children, but the good news is you don’t have to be a billionaire to reap the benefits they offer. The first thing you need to know about family […]

Read More

The Benefits of an Employee Share Purchase Plan for Global Tech Company Employees

When it comes to employee compensation, salaries aren’t the only way that employers can show their appreciation for hardworking staff. Another way is through employee benefit plans, which offer employees additional perks and financial incentives. One common benefit is an employee share purchase plan (ESPP). In this blog post, we’ll explore the benefits of an […]

Read More

Let us contact you

Complete the form and we will schedule a chat at the most convenient time for you.